Silverpoint Vacations are yet again hitting the news with Spanish newspaper, El Diario and Blog, Inside Timeshare highlighting more on the group’s current status.
It was during the 80s when business man Robert Trotta built his timeshare
holiday kingdom that is now in the pit at the bottom of a slippery liquidation
slope. Trotta emptied the businesses
accounts and melted the majority of his assets post a whirlwind of judicial
convictions, brought on by the suspicious holiday products being sold by who
are now known as Silverpoint Vacations.
The first Final Judgement against Silverpoint at the very start of 2017 when its downfall began was
for the sale of its products for use by turns of real estate for tourist use. Since
that first judgement, the timeshare group seemed to avoid making payments to
clients who sued and obtained a favourable sentence by ‘hiding’ their funds. It
is these transactions through Signallia
Marketing and Excel Hotels and
Resorts that became the main focus of the Prosecutors Office. In addition to this, they removed 52 of the 76
properties they owned.
Silverpoint Vacations has declared itself to be in ‘concurso voluntario de
acreedores’ literally translating to ‘voluntary competition of creditors’ which is
an aged term for suspension of payments. This declaration was published on the
1st February 2020 in the Official State Bulletin (Boletín
Oficial del Estado, BOE) after the company
first went to a bankruptcy administrator. The company had undergone an investigation carried out
by the Provincial Prosecutor’s Office of
Santa Cruz of Tenerife, for massive sale of properties to instrumental
companies and for the diversion of funds to companies of the same group abroad.
At the time of Silverpoint Vacations declaring to be
in bankruptcy proceedings, the company’s assets corresponded to 14 million
Euros, however according to El Diario
sources, the debt has been gauged to be 28
million Euros so far, a figure that may still increase.
contest of creditors had been requested in September 2019. Obscurely, two
months later in November 2019 the company sold 100% of its shares to Fios Bergan SL, a textile manufacturing
company, with no cash flow, with accumulated
debts and with a capacity to access “null” credits.
The Bankruptcy Court of the United States of America recently uncovered that Silverpoint resorts in Tenerife have been the main source of income for a huge corporate company called Limora that is based in the British Virgin Islands, set up by Robert Trotta himself in 2008. According to El Diario, the investigation shows that there were “completely suspicious transactions regarding the assets and companies of these corporate groups, present in 16 jurisdictions.”
El Diario Article
Inside Timeshare Article
Posted on: February 21, 2020
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 0203 519 3808 or email: info@TimeshareConsumerAssociation.org.uk